CAPE CORAL, Fla., June 15 /PRNewswire/ -- Missimer & Associates, Inc. (NASDAQ: MSMR), announced today that a definitive agreement has been reached to acquire ETE, Inc. (formerly Environmental Technology and Engineering), a privately owned environmental engineering company with nationwide operations, according to Robert A. Fletcher, Missimer's chairman, president and chief executive officer.
The transaction, for 500,000 shares of Missimer common stock, or approximately 19 percent of the total outstanding, and an undisclosed amount of cash, is expected to close shortly, Fletcher said, and includes a multi-year contract for the services of Earl Williams, president of ETE. Williams will also become a director of Missimer, increasing its board to nine.
ETE, headquartered in South Carolina, offers a full range of environmental, hydrogeological, and hazardous and solid waste management services, provided by a staff of over 100 chemical, environmental, civil, and mechanical engineers; hydrogeologists; geologists; surveyors and technicians. Most of ETE's revenues are derived from the design, permitting, construction management and compliance monitoring of hazardous and solid waste management facilities. ETE does not own or operate any such facility.
In 1991, ETE had revenues of $9.8 million. "If ETE had been operated as a subsidiary of Missimer, ETE would have generated $1.5 million in pre-tax income for the 12 months ended December 1991," Fletcher said. "ETE should be non-dilutive near-term, while significantly enhancing our future growth opportunities and profitability on a national scale."
"In just eight years, ETE has expanded from a three-man organization to one of the country's fastest growing engineering companies with a national reputation for technical expertise and prompt service," Fletcher said. "And, its operations precisely complement Missimer's business and growth goals. With operations in California and New York, as well as South Carolina, our target market increases rather dramatically. We look forward to a very productive and rewarding relationship."
"We are pleased to be joining the Missimer team with whom we share a common professional background," ETE's president, Williams, said. "We expect to benefit from the pooling of our technical skills and a solid capital base."
"Specifically complementing Missimer's recognized expertise in groundwater and soil contamination assessment and remediation," Fletcher said, "is ETE's solid background with regulatory agencies and environmental laws, and its experience with bringing together engineering and hydrogeological expertise to meet the needs for location, design and installation of environmentally safe waste management facilities."
The United States Environmental Protection Agency has determined that the two greatest sources of groundwater contamination are old, improperly designed landfill facilities and leaking underground storage tanks. "The combination of ETE with Missimer will better position us to compete effectively on a nationwide basis to assist clients to solve their problems across the entire spectrum of groundwater issues," Fletcher said.
Missimer provides a wide range of environmental services to assess and remediate groundwater and soil contamination; to protect air quality; to assure regulatory compliance; and to develop groundwater resources. For the latest 12-month period, ending February 1992, Missimer had revenues of $13.1 million, earnings before tax of $1.4 million and net income of $800,000. The company currently has 2.68 million shares outstanding.
Missimer maintains offices in Cape Coral, Jacksonville, Miami, Orlando, Palm Beach Gardens, Pensacola and Tampa, Fla.; New Orleans, La.; Charleston, S.C.; and Dallas, Houston and San Antonio, Texas.
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CONTACT: Robert A. Fletcher, chairman and CEO of Missimer, 813-574-1919
(MSMR) CO: MISSIMER & ASSOCIATES, INC.; ETE, INC. ST: FL,SC -- NY014 -- X403 06/15/92

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